News Non-Life06 Dec 2018

China:Courts and insurers cooperate on court award default risk

06 Dec 2018

The Supreme People's Court of China has signed a memorandum of understanding (MoU) with the People's Insurance Company of China (PICC) to further ensure the enforcement of court judgments in the country.

Chief Justice Zhou Qiang said at the signing ceremony that China had made significant progress over the past three years in ensuring that judgments were enforced, reported the Xinhua News Agency. Moves made included covering the major property forms of those liable to pay court awards and limiting their rights when they default.

Mr Zhou praised the insurance industry's efforts in aiding those who applied for enforcement, such as PICC providing insurance that pay compensation when those who are liable to pay court awards fail to do so.

He said that the insurance cover has played a positive role in improving the judicial aid system with Chinese characteristics and solving problems in judgment enforcement.

He asked for further cooperation between the courts and the insurance industry to mitigate the risk of failure in enforcing courts' judgments, reducing the financial burden of those who apply for enforcement, and ensuring that those who win lawsuits receive the awards granted by the courts.


 

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